Healthtech unicorn Pristyn Care is reportedly in discussions to secure fresh funding of $50 million to $100 million, according to Livemint. The funding round is expected to close in the first half of 2025, with plans to use the capital for expansion. Founded in 2018 by Harsimarbir Singh, Dr. Vaibhav Kapoor, and Dr. Garima Sawhney, the startup specializes in secondary care surgeries and operates through an extensive network of clinics, hospitals, and in-house surgeons. Pristyn Care has already achieved unicorn status, with a valuation of $1.4 billion as of 2021. The company is also gearing up for an initial public offering (IPO) within the next three years and has initiated talks with global investors and family offices. Despite layoffs in recent years aimed at profitability, Pristyn Care continues to grow, with operations now extending internationally to Bangladesh.
Understanding Pristyn Care’s Business Model
Working Model
Pristyn Care operates as a tech-enabled healthcare provider specializing in secondary care surgeries. Leveraging its proprietary digital platforms, the company offers a seamless experience from consultation to surgery and post-operative care. Patients book appointments through the app or website, after which they are guided by a dedicated care coordinator.
Revenue Model
The company earns revenue primarily through:
- Commission: By partnering with over 700 hospitals, it takes a percentage of the surgical fees.
- Patient Management Fees: Includes pre-and post-surgical care and consultation fees.
- Insurance Facilitation: Assisting patients with claims, adding value to their services.
Founders and Background
- Harsimarbir Singh: An IIT alumnus with a history in operational management and strategic planning.
- Dr. Vaibhav Kapoor: A healthcare professional focused on innovative surgical solutions.
- Dr. Garima Sawhney: A gynecologist with expertise in women’s healthcare and secondary surgeries.
Key Milestones
Funding History
- Raised $177 million across multiple rounds.
- Achieved unicorn status in 2021 with a valuation of $1.4 billion.
- Backed by investors like Peak XV Partners, Tiger Global, and Winter Capital.
Services Offered
Pristyn Care offers over 50 types of surgeries across specialties such as:
- Proctology
- Urology
- ENT
- Gynecology
- Orthopedics
The Latest Developments
New Funding Round
Pristyn Care’s ongoing funding discussions aim to raise $50 million to $100 million. The capital will primarily focus on expanding their geographical footprint and improving technological capabilities.
Preparations for IPO
The company is laying the groundwork for an IPO within three years. It has engaged bankers and is in active discussions with global investors, including high-net-worth individuals and family offices.
Challenges and Strategic Adjustments
Layoffs
In 2023 and 2024, Pristyn Care laid off over 450 employees as part of a restructuring strategy to prioritize profitability.
International Expansion
The startup ventured into Bangladesh in 2022, marking its first step toward international growth with operations in Dhaka and Chittagong.
Learnings for Startups and Entrepreneurs
- Strategic Restructuring: Focus on profitability through operational efficiency.
- Global Expansion: Target untapped markets for diversified revenue streams.
- IPO Readiness: Engage stakeholders early to streamline the public listing process.
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